Net Zero Industry Tracker 2024

Technology Key readiness question Are the technologies needed for net-zero emissions commercially available? Key messages –Several technologies have seen an increase in their TRL scores compared to last year, including battery electric planes, hydrogen and hybrid electric planes, hydrogen bunkering and ammonia-powered engines in shipping, BF-BOF with BECCS in steel, hydrogen and CCUS in cement, and downstream electrification in oil and gas. –Generative AI significantly enhances decarbonization efforts by improving asset management and operational processes, optimizing capital allocation, and automating carbon management, thereby helping companies reduce emissions and costs. –Despite its advantages, the growing energy demands of AI systems may contribute to increased electricity consumption and modest inflation, as investments in AI could outweigh efficiency gains. Scores for net-zero emissions technologies across sectors (2022-2024) FIGURE 13 Cement Steel Trucking Oil and gas Shipping Primary chemicalsAviation 2022 2023 2024Aluminium12345Technology readiness scores Note: Aviation, shipping and trucking sectors were not included in the 2022 report, and the primary chemicals sector has been added this year. Readiness score movements in the past year: –Trucking: The score increased from 2 to 3 during the past year, mainly driven by the advancement in hydrogen-electric trucks to early adoption phase. Decarbonizing hard-to-abate sectors requires the development of innovative technologies, many of which are expected to become available between 2025 and 2030. However, several technologies, such as methane and flaring reduction in the oil and gas sector, as well as the decarbonization of electricity for secondary aluminium smelting, are already mature technologies, having a TRL of 10. Meanwhile, methanol-powered engines and ammonia bunkering are nearing widespread implementation with a TRL of 9. Challenges: –The development and deployment of new decarbonization technologies often face prolonged timelines Net-Zero Industry Tracker: 2024 Edition 23